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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

Be Careful What You Wish For

The week ended on a muted note, what with the historic Obamacare approval on Sunday night to kick things off. Stocks gave up early gains on Friday as it was the second straight day of lackluster follow-through by the Bulls. The Dow is now at 10,850, Nasdaq at 2395, and the S&P closed at 1166. Speaking of Obamacare, it will be important to remember that during a radio address just before Christmas 2009, the President said that "when it becomes law, families will save on their premiums." That is what he said, so we should take him at his word. Today, AT&T announced a $1 billion dollar charge because of the health care overhaul. CAT, Valero (VLO), and John Deere (DE) all announced similar charges less than 5 days after the law was put in place. We have health reform and sometimes we need to be careful for what we wish for. The stealth rally should continue next week though, as money flows into the US dollar and bond alternatives ahead of the quarter end window dressing
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.